PIMCO Dynamic Income Fund (the “Fund”) today announced that the underwriters of its initial public offering of common shares, which was completed on May 30, 2012, have partially exercised their over-allotment option to purchase an additional 4,458,352 common shares of the Fund. The closing of the exercise of the overallotment option occurred today, July 11, 2012. The gross proceeds of $111,458,800 from the partial exercise of the over-allotment option brings the total amount raised in the Fund’s initial public offering to $1,126,458,800 (before deduction of the sales load and offering expenses). The Fund’s common shares are listed on the New York Stock Exchange under the symbol “PDI.” The Fund is a non-diversified closed-end fund. The Fund seeks current income as a primary objective and capital appreciation as a secondary objective. The Fund seeks to achieve its investment objectives by utilizing a dynamic asset allocation strategy among multiple fixed-income sectors, including non-agency residential and commercial mortgage-backed securities (and any other mortgage-related or asset-backed securities), investment-grade corporate bonds and below investment-grade securities (commonly referred to as “high yield” securities or “junk bonds”) and certain other income-producing securities of U.S. and foreign issuers. As a matter of fundamental policy, the Fund will normally invest at least 25% of its total assets in privately-issued (commonly known as “non-agency”) mortgage-related securities. The Fund utilizes leverage as part of its investment strategy. Pacific Investment Management Company LLC (“PIMCO”), the Fund’s sub-adviser, employs an active approach to allocation among multiple fixed-income sectors based on, among other things, market conditions, valuation assessments and economic outlook, credit market trends and other economic factors. PIMCO also relies heavily on its independent credit analysis of specific securities and issuers. Allianz Global Investors Fund Management LLC (“AGIFM”) is the Fund’s investment manager, responsible for managing the investment activities of the Fund and the Fund’s business affairs and other administrative matters. AGIFM is an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P. and is a member of Munich-based Allianz Group. As the Fund’s sub-adviser, PIMCO, an AGIFM affiliate, is responsible for managing the Fund’s portfolio investments.